Prescription for Financial Health
WHY IT'S IMPORTANT FOR WOMEN TO PLAN AHEAD:
- Women, on average, earn less money than men
- Women live an average of seven years longer than men
- Women generally have a smaller pension and less social security than men
- Only 4 percent of women say they can manage their own finances
- Women make 75 percent to 85 percent of the household purchases
- 75 percent of the elderly poor are women
- The average woman is widowed at 56
- The average widower will go broke within the first four months
BENEFITS OF INVESTING: Tiffany Bass Bukow, founder of msmoney.com says it doesn't take a large income to invest, and for even a small investment, the return can be large. Bass Bukow says, "If you put away $25 a week at an interest rate of 5 percent, you will have $165,000 in 40 years."
STEPS TO PLANNING AHEAD: Bass Bukow says the first step is to look at the big picture. This includes considering:
- Age now
- Age you want to retire
- Number of children you plan to have
- Future plans, i.e. college for you or your children
- Standard of living you desire
- Other big expenses you want to be able to afford, i.e. vacations, pets
Then, she says to look at every expense you have:
- Rent
- Utilities
- Credit cards
- Student loans
- Doctor's bills
- Clothing
- Food
Bass Bukow started Ms.Money.com to help women empower themselves financially and overcome the fear of finances by educating themselves. She says you should look at your finances daily and make sure they are in line with your long-term goals. Consider this:
THE AVERAGE MILLIONAIRE SPENDS 20 HOURS A MONTH MANAGING PERSONAL FINANCES. THE AVERAGE PERSON SPENDS 5 HOURS A MONTH.
If you would like more information, please contact:
Nancy MacGregor
pr@msmoney.com
http://www.msmoney.com
